IFC invests in digital brokerage company Midas
ISTANBUL
International Finance Corporation, a member of the World Bank Group, has announced an investment of $6 million in Midas, a leading digital brokerage company in Türkiye, “to accelerate digitalization in the country’s brokerage industry and strengthen its competitiveness.”
IFC said in a statement that it participated in one of the country’s largest Series A fundraising rounds, which raised a total of $45 million, alongside lead investor Portage Ventures, Spark Capital and the IFC-sponsored venture capital funds Revo Capital and EarlyBird Digital East Fund.
Founded in 2020, Midas’s brokerage app allows individuals to invest in U.S. and Turkish equities and engage in forex trades.
“This investment enables the innovative fintech startup to build a full wealth management platform for the fast-growing number of Turks who have become retail investors, giving them convenient, low-cost access to a diverse range of investment products and services,” it read.
After this recent fundraising round, Midas will be able to expand and diversify its product offering to include high-interest term deposits and mutual funds, IFC said.
While the brokerage business in Türkiye is an established industry, led by banks and their extensive branch networks, mobile-first retail brokers such as Midas enhance the industry’s competitiveness by offering fast and seamless digital access without charging high fees or requiring high balance requirements, the statement added.
Türkiye represents IFC’s third-largest country exposure globally, with a committed portfolio of close to $5.2 billion as of April.
